Equity Research Svenska Aerogel, Q4 2024: Higher than expected revenues and rights issue

Today, Svenska Aerogel published its interim report for Q4 2024. Below is a summary of our first impressions of the report’s outcome and the income statement’s deviations from our estimates.

• Net sales for Q2 2024 totaled SEK 1.0 million, higher than our estimate of SEK 0.7 million.
• EBIT amounted to minus SEK 7.7 million. Our EBIT estimate was minus SEK 6.7 million. The deviation in estimates vs outcome for EBIT is due to higher than expected cost of sales which amounted to minus SEK 2.7 million compared to our estimate of minus SEK 1.2 million.
• The net result for Q2 2024 ended up at minus SEK 7.8 million compared to our estimate of minus SEK 9.0 million.

Svenska Aerogel announced on February 26 a rights issue of shares amounting to SEK 42.7 million, which is in line with our expectations from the previous analysis update following the Q3 2024 report, where we estimated a rights issue of approximately SEK 40 million during the first half of 2025. The rights issue is secured to approximately 57.5% through subscription and guarantee commitments, meaning the company will raise at least around SEK 24.5 million before issuance costs. The subscription period is stated to run from March 10 to March 24, 2025. In the event of full subscription, the dilution effect will be approximately 67%.

We intend to publish a full research update on Svenska Aerogel shortly.

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